Ethereum Shows Signs of Accumulation Amid Volatile Market Conditions
- Ethereum is holding above the $3,150 level after a period of heavy selling pressure.
- Cumulative Volume Delta (CVD) on Binance shows increased buying activity but lacks sustained strength for a full bullish reversal.
- The price is testing resistance at the 100-day SMA, with additional barriers at the downward-sloping 50-day SMA.
- 30-day correlation between price and CVD remains steady at around 0.6, indicating consistent liquidity influence on price direction.
- Recent support was found slightly above $2,700, with renewed interest visible in increased volume.
Ethereum has shown signs of recovery by maintaining levels above $3,150 despite previous selling pressures and fear-driven liquidations. The recent increase in CVD suggests sporadic buying activity as traders look to capitalize on market dips.
While Ethereum’s price action indicates potential accumulation, the lack of sustained buying pressure points to ongoing volatility and uncertainty in establishing a clear upward trend. (Source)
